G7 to introduce price cap for Russian oil in the coming weeks

The G7 countries intend to set a price cap for Russian oil "in the coming weeks," the G7 foreign ministers said in a written statement.

According to the document, the ministers urge oil-producing countries to increase production in order to reduce volatility in energy markets.

"In the upcoming weeks, we will finalize the introduction of a cap on Russian seaborne oil," the statement reads.